Cogir is present in Quebec, Ontario and Nova Scotia.

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Amice Turner
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1 SINCE 1995

2 Cogir is present in Quebec, Ontario and Nova Scotia. 6.5 million square feet of commercial properties, industrial properties and office space. 15,500 residential units. We manage over 145 properties. A team of over 2,500 talented, passionate people.

3 TABLE OF CONTENTS 4 Our history 5 Our philosophy and our mission 6 Our commercial division 7 Our retirement home division 8 Our multi-residential division 9 COGIR s services and roles 14 A wide experience in property recovery and repositioning 15 Our team 18 Presentation of BLF REIT 39 Clients and partners

4 OUR HISTORY A Quebec company, founded in 1995 COGIR Management Corporation was founded in Quebec in 1995 by Mr. Serge G. Duguay. Mr. Duguay s son, Mr. Mathieu Duguay, has taken over as President in 2013; Mr. Duguay Senior remains active in the company to this day. In time, COGIR has developed a precious expertise in real estate repositioning. In order to better fulfill the various needs of its clients, COGIR has also developed numerous business plans and market strategies to increase the value of properties under its management. COGIR is a leading independent management company in the Canadian market when considering the total square footage of all properties, across all asset categories. The company is present in Quebec, Ontario and Nova Scotia, where it manages over 145 commercial, industrial and office properties, for a total of 6.5 million square feet. Over 15,500 residential units are also managed by COGIR s team of 2,500 talented people, including approximately 100 people in its head office alone. To fulfill the evolving needs of its clientele, COGIR has developed a multi-disciplinary team renowned in the industry for its expertise in the following sectors: multi-residential, senior living facilities, hospitality, shopping centres, office building and industrial properties. We are constantly looking for new investment opportunities to contribute to our clients objectives. We can also co-invest in projects with our clients when required. 4

5 OUR PHILOSOPHY AND OUR MISSION The key to our success communication & talented people The key to our success resides in healthy communication, the constant improvement of our business practices, as well as our team of competent & passionate people who go beyond our clients expectations while maintaining their trust and confidence. We meet with property tenants/residents/co-owners on a regular basis, not only to discuss future projects, but also to determine how we can work together to build the best possible environment to satisfy their needs. As a property manager, we fulfill the needs of our clients by ensuring a strategic, responsible management of their assets, while striving for an increase in the property value and a general asset performance that exceeds its reference market. A customized approach is developed for each asset in order to meet and exceed our clients objectives (retirement funds, banks, insurance companies, high-income tenants and public investment companies), by providing the services below. COGIR is a multi-disciplinary company that provides the following services: property management, asset management, property development and re-development, as well as a wide array of real estate consultant services. 5

OUR COMMERCIAL DIVISION 35 properties, over 6.

5 million square feet of commercial, office and industrial space is expertly managed by our commercial division.

Since the mid-1990 s, COGIR has developed strong business relationships with its property tenants and brokers. It also developed an extensive knowledge of the constantly evolving real estate market.

6 OUR COMMERCIAL DIVISION 35 properties, over 6.5 million square feet COGIR Management Corporation manages 35 commercial properties, varying in size and in scope, throughout Quebec, Ontario and Nova Scotia. Over 6.5 million square feet of commercial, office and industrial space is expertly managed by our commercial division. A team of seasoned experts in COGIR s head office and its properties work tirelessly to optimize the management of these commercial properties and increase their value. Since the mid-1990 s, COGIR has developed strong business relationships with its property tenants and brokers. It also developed an extensive knowledge of the constantly evolving real estate market. COGIR has been able to maximize its teams expertise and develop stringent space promotion programs and dynamic marketing plans, in order to recover and reposition assets, thus developing property value for its clients benefit. As such, over the years, COGIR has recovered over 10 shopping centres including Place Portobello, Place Longueuil and Place des Quatre Bourgeois. COGIR was also able to demonstrate its unique expertise by transforming a single-tenant building (700 de la Gauchetière, in Montreal) into a multiple-tenant property, re-positioning the building s food court and common areas to create a highly attractive property. Through these adjustments, COGIR has reduced the unoccupancy rate from 30% in 2008 to just 5% in 2011, thus creating major value for the investor. It should also be noted that occupancy rates and net rents of our properties are usually higher than their reference market. 6

Various levels of care are offered across these homes: independent living, assisted living or long-term care facilities.

7 BY OUR RETIREMENT HOME DIVISION In 2010, COGIR created Azur, a banner specific to retirement homes under its management. This new entity currently manages 45 retirement homes, for a total of over 8,800 units. Various levels of care are offered across these homes: independent living, assisted living or long-term care facilities. In addition, Azur now manages and develops new special care units in many facilities. These units provide superior levels of care and safety for people suffering from Alzheimer s disease. COGIR strives to become a leader in this high-potential market. Behind the Azur banner is a team of professionals with an extensive knowledge of what makes a successful retirement home. COGIR has in its ranks many specialists in the fields of food services, health care, recreology, operations and marketing. These specialists have created numerous value-added programs for our facilities, whose service-related revenues are among the highest in the industry. Azur has also developed various accommodation and service packages to allow residents to maximize their eligibility to the available government tax credits. These packages include Azur Plus, Azur Health Plus, Azur Convalescence and Azur Short Stays. Azur has four core principles to guide its activities. These principles are: trust, passion, collaboration and creativity. Daily activities in every one of our homes are based on these principles. Azur-managed homes have had, for many years, a lower unoccupancy rate than their reference market (CMHC). We are also proud to have developed numerous development projects in this sector. We are looking forward to contributing to the industry development through our people s talent and our objective of always doing things better. 7

OUR MULTI-RESIDENTIAL DIVISION COGIR is active in the multi-residential buildings sector since 1999.

Because it cares about the quality of life of its tenants, COGIR had developed core management principles for its multi-rental portfolio.

8 OUR MULTI-RESIDENTIAL DIVISION COGIR is active in the multi-residential buildings sector since With currently over 65 buildings and over 6,700 units, COGIR stands out in the market through its focus on customer service and its goal of creating dynamic life environments. Because it cares about the quality of life of its tenants, COGIR had developed core management principles for its multi-rental portfolio. Similar to the Azur portfolio, these core principles are trust, passion, collaboration and creativity. The multi-residential group is made of a team of professionals, whose expertise is dedicated towards creating revenue, providing superior customer service and managing costs efficiently. Properties benefit from various revenue generation programs, with a focus on strategies to maximize potential income (EM2) as well as developing additional income sources. COGIR also has a strong property repositioning expertise, which follows a proven internal process: from a primary market research to phases of redesign, job monitoring and merchandising. Cost management is a key aspect in this field to that effect, COGIR provides purchasing plans and an extensive labour network to exceed usual performance indicators in the industry. Our team ensures that tenants are satisfied at all times, and that dynamic, attractive communities are created and maintained across our properties. Through its experienced operational team, COGIR focuses all efforts towards property optimization, while maintaining healthy cost management. 8

9 COGIR S SERVICES AND ROLES 100% of our activities are related to our property s value optimization This goal drives the development of our expertise, as well as the growth of our services provided in numerous categories. Asset management and real ESTATE INVESTMENTS COGIR s expertise in various real estate categories (office, commercial, industrial, hospitality, residential properties and retirement homes) is at your disposal through the following consultant services: - Investment analysis - Acquisition and sale (including supervision of due diligence reviews) - Financing (equity / loans) - Asset repositioning - Management of the investment program - Development - Co-investment and syndication 9

LEASING SERVICES Commercial leasing agreements, renewals, control of development-related expenses, management and optimization of tenant composition, etc.

BUILDING MANAGEMENT FINANCE AND ACCOUNTING SERVICES Financial statements, annual budgets, accounts payable & receivable, financial analysis services, etc.

10 LEASING SERVICES Commercial leasing agreements, renewals, control of development-related expenses, management and optimization of tenant composition, etc. OPERATIONAL SERVICES Rent collection, customer service, work coordination, expense control, communication & services to tenants, tenant retention programs, apartment rental, employee management, etc. BUILDING MANAGEMENT FINANCE AND ACCOUNTING SERVICES Financial statements, annual budgets, accounts payable & receivable, financial analysis services, etc. CONSTRUCTION MANAGEMENT AND REAL ESTATE DEVELOPMENT SERVICES Market intelligence and extensive contact network, allowing us to initiate business opportunities. Comprehensive financial analysis of the investments, from the design phase up to project details, with the collaboration of seasoned professionals and qualified market analysis business partners. Site selection, optimization and acquisition, including all reasonable diligence approaches. Development of interim, mezzanine and long-term financing. Construction management services, either as a general contractor or a project manager, including all administrative controls and follow-up. Repositioning of struggling property assets through redevelopment, involving construction and rental efforts. 10

etc. TECHNICAL SERVICES Management of major repair work, renovation and construction jobs; management of equipment maintenance programs; management of service/maintenance, safety and compliance

11 CREDIT SERVICES Tenant credit check and approval, accounts receivable, owner representation, debt collection, etc. PURCHASING SERVICES Strategic purchasing program, management of revenue sharing agreements with partners and suppliers, management of special projects for revenue creation, supply chain optimization, etc. TECHNICAL SERVICES Management of major repair work, renovation and construction jobs; management of equipment maintenance programs; management of service/maintenance, safety and compliance agreements; other management of various risk factors, environment issues, etc. HUMAN RESOURCES / PAYROLL SERVICES Personnel recruitment and hiring, negotiation and agreements with union representatives, ongoing training and evaluation programs, supervision of health & safety committees, payroll management, etc. 11

MARKETING & COMMUNICATION SERVICES Management of advertising / promotional activities, communications, customer service, public relations, market & competition studies,

LEGAL SERVICES Commercial leasing agreement preparation and negotiation, consultant services, delivery of formal demands, etc.

12 MARKETING & COMMUNICATION SERVICES Management of advertising / promotional activities, communications, customer service, public relations, market & competition studies, electronic marketing and social network activities, leasing performance indicator reporting & follow-up, etc. LEGAL SERVICES Commercial leasing agreement preparation and negotiation, consultant services, delivery of formal demands, etc. INSURANCE SERVICES Follow-up on claims, cost assessment management, management of repair work with subcontractors, various negotiations, etc. COMPUTER SERVICES Purchase of computer hardware and software, management of IT-related problems, management of the computer fleet, technical support services, etc. 12

SPECIALIZED SERVICES - RETIREMENT HOMES A wide array of services has been developed throughout our retirement homes, in order to better fulfill the

ADMINISTRATIVE SERVICES Supervision of all communications and correspondence with residents, their families and social workers Supervision of facility

purchases, supplier coordination, expense / revenue control, etc.

13 SPECIALIZED SERVICES - RETIREMENT HOMES A wide array of services has been developed throughout our retirement homes, in order to better fulfill the diverse needs of our residents. ADMINISTRATIVE SERVICES Supervision of all communications and correspondence with residents, their families and social workers Supervision of facility personnel Customer service Consultation regarding available services FOOD SERVICES Supervision of kitchen & service employees, menu development, food purchases, supplier coordination, expense / revenue control, etc. HEALTH CARE SERVICES (RETIREMENT HOMES) Supervision of nursing personnel, management of medication and care services, nutrition care & follow-up, assistance with daily activities, family support, certification management, etc. RECREOLOGY SERVICES Development of recreology programs, planning of special activities and events, birthday celebration follow-up, etc. 13

A WIDE EXPERIENCE IN PROPERTY RECOVERY AND REPOSITIONING Ever since its early days, COGIR stands out from the crowd in the property recovery sector.

By combining its operational strength to its customer service, marketing and rental resources, the company has developed sound business plans and highly efficient market strategies to revive

14 A WIDE EXPERIENCE IN PROPERTY RECOVERY AND REPOSITIONING Ever since its early days, COGIR stands out from the crowd in the property recovery sector. Through its wide experience, the company has developed numerous strategies to recover commercial properties, office buildings, multi-residential properties and retirement homes. By combining its operational strength to its customer service, marketing and rental resources, the company has developed sound business plans and highly efficient market strategies to revive struggling properties while maintaining or increasing their value. Moreover, through the years, we have developed crisis management skills, as well as a strong expertise in the development of customized rescue plans. We also have a wide experience in financial and treasury sequestrators. 14

15 MANAGEMENT CAPABILITIES ACROSS CANADA We are currently responsible for the management of residential, commercial and office properties across Quebec, Ontario and Nova Scotia. Every property has an administrative office and receives ongoing support from all department managers in our head office located in Brossard, Quebec, as well as our Ontario (Whitby) office. All administrative systems are streamlined from our Quebec head office, which allows us to ensure that our management quality standards are applied to all properties across the country. COGIR has grown organically through various acquisitions and normal expansion for this reason, it is essential for new facility personnel to be integrated seamlessly to our teams when new management contracts are acquired. 15

subsidiary of the Caisse de dépôt et de placement du Québec) and the Bramalea society. Through his 35 years of experience in property management, he has developed a unique approach in the industry.

16 OUR TEAM Serge G. Duguay Founder Mr. Duguay has a wide experience in vice-presidential positions in the property leasing and operational development sectors, namely with the Société Campeau, the Société immobilière Trans-Québec (a subsidiary of the Caisse de dépôt et de placement du Québec) and the Bramalea society. Through his 35 years of experience in property management, he has developed a unique approach in the industry. Mathieu Duguay President Mathieu Duguay is the COGIR Management Corporation President, and a major partner (50%) in the company. Mr. Duguay has many years of experience in property management, which he acquired through working for his father s company since Over the years, Mr. Duguay contributed significantly to the company s growth through various positions at the executive level. In time, he also gained an extensive knowledge of the real estate industry, including property management, acquisition, development, financing, partnerships as well as the capital market. The company was also developed by executing special mandates for the benefit of international clients. As a real estate investor, Mr. Duguay, with his private & institutional partners, now represent 25% of the assets under Cogir management. Furthermore, Mr. Duguay acts as a lender in some real estate financing mandates. Mr. Duguay is actively involved in his community and in the business sector, by residing on the administration board of various organizations. 16

OUR TEAM Frédéric Soucy Senior Vice-President, Residential division Mr. Soucy is the Senior Vice-President, Exploitation, Residential division for COGIR and Azur residences since January, 2009.

17 OUR TEAM Frédéric Soucy Senior Vice-President, Residential division Mr. Soucy is the Senior Vice-President, Exploitation, Residential division for COGIR and Azur residences since January, He has a Bachelor s degree in marketing from the École des hautes études commerciales de Montréal, as well as a Master s degree in business administration from Sherbrooke University. Mr. Soucy has a wide experience of over 15 years in business management and development. Before joining COGIR, Mr. Soucy has worked extensively in the development of RONA s commercial division, for which he was the National sales director. Philippe Krivicky Executive Vice-President, Commercial Division As Executive Vice-President, Commercial Division, Mr. Philippe Krivicky will oversee the operations of COGIR s commercial division, including all asset management, property management, leasing, development and other related activities. Prior to joining COGIR, Mr. Krivicky worked 6 years at RONA (TSX: RON), the largest Canadian distributor and retailer of hardware, home renovation and gardening products. Mr. Krivicky held various positions, including Vice-President Retail, Emerging Strategies, Senior Director, Emerging Strategies and Chief, President s Office. Before joining RONA, Mr. Krivicky organised the 2007 FIFA-U20 World Cup and worked for SECOR Consulting as a strategy consultant in Paris and Montréal. Mr. Krivicky has over 12 years of experience in business development, management as well as strategic planning and implementation. He holds a Business Administration degree from Sherbrooke University. Strongly involved in his community from an early age, he has been a member of the Board of Directors for the Association des Clubs entrepreneurs étudiants du Québec, member of YMCA Quebec advisory board, member of the Allocations committee for United Way Montreal as well as treasurer for the RONA Foundation. He is presently a member of the board of YMCA Quebec. 17

OUR TEAM Dan Acre Senior Vice-President, Ontario Division As COGIR s Senior Vice-President, Ontario division, Mr. Acre is responsible for managing the Ontario office located in Whitby.

With his Master s degree in business administration, marketing and strategic planning, Mr. Acre has been involved in all aspects of real estate management leasing and development for over 25 years.

18 OUR TEAM Dan Acre Senior Vice-President, Ontario Division As COGIR s Senior Vice-President, Ontario division, Mr. Acre is responsible for managing the Ontario office located in Whitby. In collaboration with the company s head office located in Brossard, Quebec, Mr. Acre oversees the accounting, operations, leasing and legal activities for the Ontario portfolio. With his Master s degree in business administration, marketing and strategic planning, Mr. Acre has been involved in all aspects of real estate management leasing and development for over 25 years. Gilles Proulx Vice-president, Human Resources and Corporate Services Mr.Proulx is COGIR s Human Resources Director since March, A graduate from Montreal s École des Hautes études commerciales, Mr. Proulx counts more than 25 years of experience as a Human resources director and Operations director for many small and large organizations. In addition, Mr. Proulx is a member of the Ordre des conseillers en relations industrielles du Québec (OCRIQ). 16

LeBlanc has a Bachelor s degree in Business administration from ESG-UQAM and a university certificate in Economics. He also holds a RBQ (Régie du Bâtiment Québec) licence.

19 OUR TEAM Hugo LeBlanc Vice-President, Development & Construction As the Vice-President, Development & Construction, Mr. LeBlanc is responsible for the development and construction of new property assets for the company. Mr. LeBlanc has a Bachelor s degree in Business administration from ESG-UQAM and a university certificate in Economics. He also holds a RBQ (Régie du Bâtiment Québec) licence. With an extensive experience of over 21 years, Mr. LeBlanc led many residential projects and received 4 official APCHQ awards in the Domus contest. Throughout the years, he also took part in numerous turnkey development projects with Loblaw Properties Limited, and with many clients in the commercial sector. He has been the Construction Manager for a unique multimedia project in Montreal as well as for a similar project in the Middle-East, which was directly inspired by the former. Mr. LeBlanc provides an outstanding expertise in the development of properties according to market trends, and based on solid financial and demographic assessments. Daniel Gaudet Vice-President, Capital Project Management and Technical services As Vice-President, Capital Project Management and Technical services, Mr. Gaudet ensures the coordination and allocation of asset capitals for all properties managed by the company in both commercial & residential sectors. Mr. Gaudet leads and supervises over 175 asset maintenance projects valued at a total of over 20 million dollars annually. Mr. Gaudet and his team oversee many municipal & provincial standardization projects; his department is also responsible for monitoring and acting on various regulations, specifically for the certification of seniors residences. An Administration graduate from the École des Hautes études commerciales, Mr. Gaudet has over 25 years of experience in the fields of construction, site prospecting and project management. He carried out numerous projects throughout Quebec and Canada, as well as internationally. he previously held the position of Vice-President, Construction & Technical services at Cogir since January He joined Cogir in 2007 and is a member of the executive committee. 17

20 CONTACT US COGIR MANAGEMENT CORPORATION 7250, Taschereau blvd. Suite 200 Brossard, PQ J4W 1M9 Tel: Fax: Mathieu Duguay President Frédéric Soucy Senior Vice-President, Residential division Philippe Krivicky Executive Vice-President, Commercial Division

OUR PEOPLE MAKE THE DIFFERENCE Our professional management team is committed to making you and your property a success.

OUR PEOPLE MAKE THE DIFFERENCE Our professional management team is committed to making you and your property a success. www.greenstpm.com An Attitude of Ownership Green Street Management has many years